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[01/12/2009] PayPal
PayPal is an electronic commerce business which allows for making payments and online money transfer over the internet. It is an alternate method to traditional paper methods, like money order, demand draft and check. Cash can be deposited into paypal account by a credit card or bank account. The recipient of pay pal can either request a transfer to his bank account or from pay pal he can request a check. It is an intermediary service which facilitates worldwide e-commerce. It provides free service of payment processing for auction sites, online vendors and other users. For receiving money, it charges a transaction fee which is 1% of amount plus fixed amount. Its corporate offices are in United States, California and San Jose. The company has operations in Arizona, Nebraska, Omaha and Austin. Across Europe, in July 2007, pay pal operates as the Luxembourg bank.PayPal is very popular in web commerce development as the simplest online payment system to implement.
